Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Investors Bombard Funds with Another Type of Lawsuit Not Rated 2.3 Email Routing List Email & Route  Print Print
Wednesday, January 19, 2005

Investors Bombard Funds with Another Type of Lawsuit

by: Theresa Sim

Fund firms are facing another breed of lawsuit. More than 40 fund managers have been named in complaints alleging that firms did not live up to their fiduciary duty to claim money from class-action settlements on behalf of their investors, reports the New York Times .

Dreyfus, Janus, Merrill Lynch, Vanguard and Wells Fargo are among the managers named in the lawsuits, which, in total, claim that fund managers neglected to collect $2 billion of $12.5 billion in class-action settlement money.

Shareholders must file a claim of proof with the settlement administrator to collect their due.

Fund firms were quick to rebut the facts: "A preliminary review of the named settlements leads us to believe that in instances where, first, we held the security, and, second, we were eligible for recovery, we filed proofs of claim," John Woerth, a spokesman for Vanguard, told the NY Times. "As a result we believe the complaint is without merit."

Dreyfus and Merrill Lynch also said that they file claims and "considered the complaints without merit," according to the NY Times

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

2.3
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use